Federated Hermes Inc. Sells 100,631 Shares of Dropbox, Inc. $DBX

Federated Hermes Inc. cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 85.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,221 shares of the company’s stock after selling 100,631 shares during the period. Federated Hermes Inc.’s holdings in Dropbox were worth $520,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of DBX. Kera Capital Partners Inc. increased its stake in Dropbox by 3.7% in the 3rd quarter. Kera Capital Partners Inc. now owns 12,945 shares of the company’s stock worth $391,000 after purchasing an additional 460 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Dropbox by 5.7% in the second quarter. PNC Financial Services Group Inc. now owns 8,607 shares of the company’s stock worth $246,000 after purchasing an additional 461 shares during the last quarter. Merit Financial Group LLC increased its stake in shares of Dropbox by 4.4% in the third quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock worth $344,000 after buying an additional 480 shares during the period. CreativeOne Wealth LLC raised its holdings in Dropbox by 4.2% during the 2nd quarter. CreativeOne Wealth LLC now owns 13,666 shares of the company’s stock valued at $391,000 after buying an additional 552 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after buying an additional 558 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Dropbox news, insider William T. Yoon sold 7,142 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $29.19, for a total transaction of $208,474.98. Following the completion of the transaction, the insider owned 206,228 shares of the company’s stock, valued at approximately $6,019,795.32. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ashraf Alkarmi sold 10,098 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $29.18, for a total transaction of $294,659.64. Following the completion of the sale, the insider directly owned 435,810 shares in the company, valued at $12,716,935.80. This represents a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 568,556 shares of company stock worth $15,851,617 in the last quarter. 29.95% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DBX. Royal Bank Of Canada cut their price target on shares of Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. Finally, Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $31.33.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $25.00 on Friday. Dropbox, Inc. has a 1 year low of $24.41 and a 1 year high of $33.27. The stock has a market capitalization of $6.47 billion, a P/E ratio of 14.12, a P/E/G ratio of 2.04 and a beta of 0.63. The company’s 50-day moving average is $27.33 and its 200 day moving average is $28.55.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.64 by $0.10. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. The business had revenue of $634.40 million during the quarter, compared to analyst estimates of $623.59 million. During the same period last year, the business posted $0.60 earnings per share. Dropbox’s quarterly revenue was down .7% compared to the same quarter last year. Research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.